On Thursday, September 5, General Director of ITI Vladimir Salamatov took part in the session titled "Including the Far East in Global Value Chains: Effective Strategies" at the 5th Eastern Economic Forum.
The way added value is distributed geographically within global production chains has changed, as the Asia-Pacific region comes to play an increasingly important role in this process. This is particularly important for the Russian Far East, not least because of its geographic location.
"Clearly, it's impossible to achieve complete import substitution or production localization. This is why our participation in global value chains is absolutely necessary," Vladimir Salamatov said.
When formulating the strategy for regional companies' participation in global value chains, the Far East, like many other regions of Russia, will have to decide what to make its top priority – the necessity to protect local producers from external markets with customs duties, technical barriers, and sanitary and veterinary requirements, or the desire to pursue its ambitious goal of entering foreign markets.